Forensic Analysis · Energy / Oil & Gas · as of Sep 24, 2026
Tamboran Resources Corp (TBN)
A forensic read on Tamboran Resources Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
11.1
Distress distance
Clean
Earnings quality
3
Forensic signals
-24.8
P / E (ttm)
-12.8%
ROE
$1.2B
Market cap
0.00%
Dividend yield
2.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Tamboran Resources Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 11.1, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+48.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +48.6% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +201% against revenue +2% and payables paid down 14% against +2% in revenue. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 2% of net operating assets, against an accruals ratio of 48.6%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
+55.1%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +55% over the last 1 year to FY2025 (+55.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~55.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~36%.
1854% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1854% of revenue in FY2025 — about $0.30 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 55.1% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$234,860.00
Revenue Growth YoY+2.1%
Net Margin-15712.1%
Free Cash Flow-$29.9M
Return on Equity-12.8%
Debt / Equity0.11x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Tamboran Resources Corp's actual 10-K/10-Q/8-K filings?